Virginia Beach is the biggest city in Virginia, and in 2021, Jeff Rohde at Roofstock ranked Virginia Beach as having the lowest median days on the market. Homes are selling very fast in Virginia Beach, a place known for being extremely affordable and have a great quality of life. It is also one of the best places to rent in America.
While Virginia Beach still feels suburban, it has tons of beaches, and a very robust economy with lots of contractors, local businesses, and advanced manufacturing. Its population has been growing in recent years and Virginia Beach is also a place with a high-tech workforce and low unemployment. While Virginia Beach is known for being a resort city and great place to go on vacation, it is serviced by many higher education institutions, military bases, and more.
According to Niche, Virginia Beach is a great place to raise a family. It is a place with terrific public schools, great night life, and great diversity. It is also one of the best places to live in Virginia — it gives people a dense suburban feel and most people who live in Virginia Beach own their homes. It is known for its robust green space and beaches, as well as lots of great public schools. Virginia Beach is home to many young professionals and families. Right now, Virginia Beach has a median home value of $280,800 and a median rent of $1367, making it more affordable than most major cities in Virginia.
Right now, Virginia Beach is a seller’s market. As Rohde stated, it is a place where demand is rapidly outpacing supply and where real estate investors have been getting into bidding wars over the best real estate in the city, as the city is in a housing bubble at the moment. Homes are selling very, very fast, and for higher than listing price.
Real estate investors in Virginia Beach should look into hard money loans, an alternative source of financing to traditional mortgage loans mainly used for real estate transactions like fix and flips, long-term rentals, and construction projects. Hard money loans are usually used to fix homes in disrepair and then turn them for tremendous profit. Their biggest advantage in Virginia Beach is their very fast speed of approval. Hard money loans can be approved in only a couple of days, whereas traditional mortgage loans take a month or more to be approved. This speed of approval is money in a market as competitive as Virginia Beach, as real estate investors can put down faster bids and offers.
Hard money loans are different from traditional financing because they use the property as the asset. They don’t rely on credit score and financial standing as much as mortgages famously do. They also use the property as collateral. If a borrower defaults on a mortgage, the bank forecloses on the property. But if a borrower defaults on a hard money loan, the hard money lender becomes the homeowner and takes on the property, which can lead to great profit but also great risk.
Because of these risks, hard money loans also have plenty of cons, including higher interest rates, lower repayment periods, and lower LTV ratios than traditional mortgage loans.
It is essential for investors to find the very best hard money lenders to get the best terms and rates possible. That’s why we at Hard Money Lenders IO have made a list of the best hard money lenders in Virginia Beach.